Hi everyone. I have a certain coworker who is an investor in real estate. He mentioned that he is looking for around 5000 because banks do not loan out so little. Is anyone aware of this? I ask because he is offering ...

I'm not really a private lender... yet) for a very short time and want to make sure I understand the calculations correctly.Amount: $10,000Terms: 30 days max (guaranteed 30 days worth of interest), 30 day extension if needed.Interest rate 12%Story: It's just a bridge loan in case the closing gets delayed.  

This cash flow will be my bridge btwn when I retire early and when I can touch my TSP at 57.  

This is a company I do consulting for, so I'm not in there daily and though, I COMPLETELY agree that I could make things awkward, it will all be water under the bridge given a normal amount of time.Thanks for everyone's advice.I certainly learned some lessons.  

investing in bridges. the tolls are an endless income stream. 

At any rate, it's a touchy situation.If you can still close on the one, then that's great.I wouldn't, however, force the issue and/or burn any bridges - this course of action usually never works out.There are plenty more great deals to grab next week, walk away [peacefully] from both if you have to.Good luck.

I agree with the canned response to most of those questions but you never know what it could turn into do I wouldn't burn any bridges yet.  

Of course some of them get rejected and we offend the owners but we clearly gave them a letter stating why their property is over priced and usually within weeks they drop their price ;P then we try to come in with a slightly higher offer and tell them to give us a call if their property doesn't sell.It's all about who you work with, yes you burn some bridges but you also get rid of the people slowing you down as quickly as possible.

I spent about $60,000 to learn wholesaling in the ************* program, which netted me a grand total of$0 income (go ahead, call me stupid...)We moved on to Buy & Holds and rehabbing, which is where we wanted to be anyway, and are doing great now, but as a newbie money was easy to learn fast, but I was fooled.Water under the bridge, but just because you wrote a book and host seminars doesn't mean you have anything to share if any team value.

We will only do the same 75% LTV as everyone else, but you can bridge the gap using borrowed funds from another source, provided those borrowed funds are secured by real estate other than the subject property.